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TotalEnergies to relaunch delayed Mozambique LNG project— Sources

Published

12 months ago

December 24, 2023

Two sources cited by Reuters claim that French energy company, TotalEnergies, plans to relaunch its long-delayed $20 billion LNG project in Mozambique in the first quarter of 2019.

The project’s construction has been on hold since 2021 as a result of the company’s declaration of force majeure in response to a violent insurgency led by militants with ties to the Islamic State that threatened the Cabo Delgado venue.

As the security situation improved with the support of a regional military force, including Rwanda, TotalEnergies CEO, Patrick Pouyanne, stated in September that the company planned to restart before the end of this year.

“TotalEnergies have indicated that they want to restart their Mozambique LNG project in January 2024,” a government source close to the process said, asking to remain anonymous due to the sensitivity of the matter.

Since it began in 2017, the violence in the northern Mozambican province has claimed thousands of lives and disrupted multibillion-dollar investments, such as the $20 billion LNG project in which TotalEnergies holds a 26.5% stake.

“TotalEnergies has asked funders to get approval for the restart of the Mozambique LNG project in the first quarter of 2024,” said a second funding source with direct knowledge of the project.

Environmental activists have criticised the project, which will help the poor country in southern Africa turn its economy around, and last month they urged funders to stop supporting it. When contacted outside of business hours, TotalEnergies did not immediately provide a comment.

Related Topics:Featured Mozambique TotalEnergies

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Moroccan annual inflation rises to 0.8% in November

Published

2 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”